ETF Focus

When Popularity Is a Problem

Fund managers are usually all too eager to reel in new assets. But there are exceptions.

JPMorgan Chase (ticker: JPM) this month said it is capping new-share issuance for the popular $4.7 billion JPMorgan Alerian MLP Index exchange-traded note (AMJ), the most widely owned tracker of master limited partnerships. MLPs, a yield-rich swath of oil-and-gas pipeline and processing firms whose payouts average around 6%, have been a good match for ETNs' tax efficiency and index tracking. Apparently too good: This is the year's...